ACWA Power completes acquisition of Engie stake in Az-Zour North power plant

Az-Zour North power and water plant operates under a long-term agreement with Kuwait’s electricity ministry.

Shamal Az-Zour Al-Oula Power and Water Co. received, on Jan. 6 , a notice indicating that Italy’s Engie has completed the transfer of its stake in Az-Zour North power and water plant to ACWA Power Co., according to a Boursa Kuwait statement.

The transaction has no financial impact and does not impact its operations or contractual commitments under the existing Energy Conversion and Water Purchase Agreement with the Ministry of Electricity and Water and Renewable Energy.

Further updates will be provided in due course, the statement added. In February 2025, ACWA Power signed an agreement to acquire power and water assets in Kuwait and Bahrain for SAR 2.6 billion ($693 million).

The deal includes a 4.6-gigawatt combined-cycle power generation portfolio and desalination capacity of 1.114 million cubic meters per day, as well as associated operations and maintenance companies.

The assets are being acquired from Kahrabel FZE, a subsidiary of France’s Engie, according to data available with Argaam.

The structure of the acquisition process includes an 18% stake in the Az Zour North power plant, as well as 45% stakes in both Al Ezzel and Al Dur power plants, along with a 30% stake in Al Hidd power plant, all located in Bahrain.